How Should I Spend a Large Inheritance?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 6 June 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.1	And is with us in Oklahoma City.
0:15.5	Hi Anne, how are you?
0:16.5	Hi Dave, thank you for all you do.
0:19.9	Well thank you.
0:20.9	How can we help today?
0:21.9	Well I really do this scenario and my question will be how should I best end almost 200,000
0:28.7	inheritance that I'm about to receive and best help my retirement and not be a burden
0:34.4	to my children one day and also be able to retire well.
0:38.4	Here's my scenario.
0:40.2	I'll soon be 60 years old.
0:42.3	I was divorced in early 2021 after many years of marriage.
0:47.5	My net worth is approximately 600,000 excluding the 200,000 inheritance.
0:54.2	I have no debt out of that 600 only about 34 of that is in retirement savings account.
1:04.2	The rest is in rental properties and a small business that I own.
1:09.0	I have a fully funded emergency fund.
1:12.0	My yearly bring home pay is approximately 96,000.
1:15.6	5,000 of that comes from the business each month and 31 hundred comes from part of my
1:22.9	teacher's retirement and rental property income.
1:26.7	I've been renting for the over two years and I've never had my own home.
1:31.5	I would love to have a condo or a small home.
	...

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